High-risk speculation is prioritized. CAI profited from the 2008 subprime housing/financial crisis. Lew foresaw it. He bet the right way and won. He gained at the expense of millions of homeowners and many others who suffered.
During an earlier confirmation hearing, he said he didn't believe "deregulation was the proximate cause" of the 2008 financial crisis.
He told senators CAI operations "ranged from private equity investments to real estate investments and various forms of fixed-income investments."
He omitted explaining high-risk investments, betting against the house, and profiting at the expense of millions of others.
CAI was heavily involved in structured investment vehicles. They tanked during the subprime collapse. Tens of billions of dollars were lost. Citi got bailed out. So did other troubled financial giants. Taxpayers got the bill.
White House sources won't comment about Lew's Citi involvement. Whether Senate Republicans or Democrats raise it and other issues during confirmation proceedings remains to be seen. Expect largely softball questions if so.
Citi steals with the best of them. Dirty money props up corrupt operations. Money is made the old-fashioned way. It's stolen. Investors, communities, and societies are swindled.
Money power runs America. Wall Street's business model reflects fraud and grand theft. Casino capitalism is prioritized. Markets are front-run and manipulated for profit.